Housing News

Mortgage Rates Tick Up, But Remain Well Below 2025 Levels

After recently falling to their lowest level in nearly four years, mortgage interest rates have increased ever so slightly. But rates still remain well below where they were a year ago.

Mortgage rates averaged 6.11% for 30-year, fixed-rate loans in the week ending March 12, according to Freddie Mac. That’s up a bit from where they were last week, when rates were 6% flat.

However, rates are still down substantially from where they were during the same time period in 2025. A year ago, they averaged 6.65%.

Those lower rates are helping to drive more prospective homebuyers into the market as they make purchasing a home more affordable. The rates are also giving existing homeowners more opportunities to save money with a refinance.

Overall, applications for new mortgages were up 4.1% week-over-week in the week ending March 6, according to the latest data from the Mortgage Bankers Association.

Even small decreases in interest rates can help to bring down the size of monthly mortgage payments and can help to boost buying power.

Purchase mortgage applications (those used to buy a home) were up 9.3% over the previous week, the MBA report showed. They were up 11% from the same week in 2025.

“The pace of homebuying continues to track ahead of last year’s pace, with overall purchase volume up 10%,” MBA Chief Economist Mike Fratantoni said in a statement. “More inventory on the market is supporting more transactions.”

The lower rates are also giving the housing market a boost.

Refinance applications were up slightly, 0.5%, from the previous week, according to MBA. But they shot up 81% from 2025, as more homeowners are taking advantage of 2026’s lower rates.